MGE Energy Reports 0.7% Stock Movement

By Bobby Samwell • Wednesday, February 21 15:43 • Permanent Link

MGE Energy, Inc. (NASDAQ: MGEE) has reported its financial results for the fourth quarter and full year of 2023. The company's GAAP earnings for the full year of 2023 were $117.7 million, or $3.25 per share, compared to $111.0 million, or $3.07 per share, for the same period in the prior year.

Investing in new, cost-effective renewable generation has contributed to the company's asset growth. MGE Energy's electric investments included in rate base led to increased electric earnings for 2023. The completion of the Red Barn Wind Project in April 2023 and the Badger Hollow II Solar Project in December 2023 also played a role in this growth.

However, the company observed a decrease in gas retail therm deliveries of approximately 13% in 2023 compared to the prior year, mainly due to warmer-than-normal weather. Gas use by commercial and industrial customers was approximately 10% lower during 2023, and residential gas consumption decreased by approximately 15%.

For the fourth quarter of 2023, MGE Energy reported earnings of $20.1 million, or 55 cents per share, compared to $21.1 million, or 58 cents per share, for the same period in the prior year. Gas net income decreased $1.9 million in the fourth quarter of 2023 compared to the same period in the prior year, primarily due to lower gas sales.

The company's shares have moved 0.7%, and are now trading at a price of $65.43.

Chairman, President, and CEO of MGE Energy, Jeff Keebler, commented on the results, saying, "We continue to invest in new, cost-effective renewable generation, which is helping to fuel our asset growth. Our focus on sustainability and innovation is positioning us for the future as we work to meet the evolving energy needs of our customers and communities."

The full 8-K submission can be accessed here.

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